Iraq to Raise Oil Production Capacity Above 6 Million BPD by 2029

Baghdad, March 23, 2025:
Iraq's Ministry of Oil has announced an ambitious plan to boost the country’s oil production capacity to over 6 million barrels per day (BPD) by the year 2029, significantly up from its current capacity of approximately 4 million BPD.

The plan is a key pillar of Iraq’s long-term energy strategy and aims to reinforce the nation’s position as the second-largest producer in the OPEC+ alliance. Deputy Oil Minister Bassem Mohammed Khudair stated that achieving this goal will involve enhanced oil exploration, expanded drilling operations, and investment in infrastructure upgrades.

Part of this growth strategy includes recent agreements with major international energy companies, including a landmark deal with BP to redevelop four oil and gas fields in Kirkuk, potentially unlocking billions of barrels in new reserves.

In line with its commitment to OPEC+ quotas, Iraq will ensure that future production increases align with market stability and shared production targets. Authorities also signaled plans to reconcile any previous overproduction through offset mechanisms.

This development comes amid a broader push by Iraq to attract foreign investment, modernize its energy infrastructure, and reduce gas flaring by 2028. The government anticipates that the expansion will stimulate local economies, create thousands of jobs, and improve export revenues.